Hillsboro, OR Serveron Corporation announced today that the company has secured an additional round of venture capital financing totaling $6 million. Perseus LLC, a Washington, D.C and New York based private equity firm with a wide range of investments in technology companies, served as lead investor in this round.
“Venture capital funds are undergoing a difficult time during this country’s recession,” said Nancy Floyd, Chairman of Serveron’s Board of Directors. “The fact that our previous round investors believe in our vision and business model enough to fund an additional round speaks volumes,” said Floyd.
Perseus was joined by Nth Power Technologies of San Francisco, a venture fund focused on energy related technologies and businesses; Ventures West of Vancouver, BC, a fund with several investments in the energy field; and Cascadia Pacific Management and Oregon Life Sciences, LLC both based in Portland, Oregon.
“Serveron has unique technology to meet a growing need for life extension and system reliability in the utility industry,” said John Fox, Managing Director, Perseus LLC. “The increase in acceptance of technologies like Serveron’s makes us bullish on our continued investment in this company,” said Fox. Serveron has shipped and installed its core products in major utilities throughout North America and in overseas markets such as China, Taiwan, Korea, and South Africa.